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questions after his speech. let's listen in. >> japan, of course, is the first modern economy to be trapped at the zero bound. interest rates close to zero. their experience foreshadowed the global financial crisis of 2008. the japanese had a stock market booming bust and a property boom and bust together which was roughly double the size, proportionally speaking, to the united states. it was a major shock to the economy. they have responded to it to a variety of tools. i think a couple things that we learned from watching their experience and troubles and difficulties they have been through and to that i would point to that we have tried to learn from them, the first is, aggressiveness, early aggressiveness of monetary policy. what we learned from japan is we learned from the 1930s. once you have a deflation, prices dropping, prices and wages are dropping, they can be very very hard to get out of that. there is a lot of downward pressure on the economy. we were very aggressive early on in the united states to avoid deflation and we have maintained inflation close to our 2% target which is
't get traction in these polls. we're going to talk about the emerging obama economy with chris hayes, ahead on "now." tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that means with schwab, tdd#: 1-800-345-2550 your portfolio has tdd#: 1-800-345-2550 a better chance to grow. tdd#: 1-800-345-2550 and you can trade all our etfs online, tdd#: 1-800-345-2550 commission-free, from your schwab account. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 so let's talk about saving money, tdd#: 1-800-345-2550 with schwab etfs. tdd#: 1-800-345-2550 schwab etfs now have the lowest operating expenses tdd#: 1-
is expected to attack the president on economy, and foreign policy and so far we have not seen what he will do for a second term. so, what do you anticipate the president will have to do, jehmu, in order to get ahead of this foreign policy gap that's going on right now in the wake of the death of four great americans. i don't know, kelly, i disagree with you. we haven't seen from president obama what his next four years would be, we have not seen anything from governor romney on what his business-- his presidency would look like, all he's done is attack the-- >> during the debate. >> what he will do during the debate i think is remind the american people of his record on counterterrorism, and that is not something that governor romney is going to be able to poke any holes in, and i think he will also remind the american people of when it comes to the economy, that it's the turn around is going to take time. >> oh. >> and you've seen president clinton talk about why it took eight years to get us surpluses and i think it will be finally clear, because, unfortunately. >> jehmu. >> the media has f
on everyone without losing revenue, we get more revenue because we continue will glow the economy, these kinds of pro growth tax reforms, ronald reagan and tip o'neill did it, we are proposing it that a pro growth sleuth t solution to gete back to work. neil: left out but a remarkable insight was a added come about what happens when you remove credits and exemptions and special allowances, the same thing that ronald reagan did in 1986, idea, making sure those who dodge taxes pay something in taxes, something ryan, said he is open to do emany conservatives in the party, say, any time do you that, it is a kin to raising taxes, ryan draws a major ca to take in what pat buchanan, on this fast moving development. what do you make of this. >> when i was ai i a kid was tha saying that rich pay more than anyone else but everyone contributes there is concern that you hear 47% or 49% are not paying income taxes at all. let me say with regard to what ryan talking about. if you drop rate from 35 to 28, you have to cut or cap interest deductions, for state and local income taxes, and there is a relucreluct
's a point you made earlier in an earlier segment that the bottom line is the economy is still very, very weak. i'll tell you, we've been on overweight equities for the last six or nine months. we're now starting to pull back some of the risk. yes, the market could rally higher. i don't see the stimulus up as much as i did when everybody didn't believe qe-3 was coming. i think there's more negative potential headlines. we're taking risk off the table right now and hopefully we'll re-enter at a lower position. >> it's interesting. rickntelli, the fiscal cliff keeps coming up. that's one of the biggest issues in terms of keeping businesses from making any real decisions here, putting money to work, and it's also the highlight going into the election. >> it is. i guess the real irony is even if the fiscal cliff didn't exist, the outlook economically, both domestically and globally, is deteriorating. really, it's a bit of a double whammy. i'll go back to what i said the last time we discussed this an hour ago. if you look at the 21 weeks from mid-october to march of 2000 when the nasdaq crash
is behind because americans probably feel better than they did before jobs and the economy even though it's terrible. it's sort of the -- >> right track, wrong track? that's interesting. tell me. just stretch that out a little bit. >> i think americans see a glimmer of hope. there is slight improvement in the economy, and i think that some people, for example, a state like ohio, battleground state, thanks in my view to the governor that the unemployment is down. that's true in some of the others. i understand how tough this campaign is. i do believe that media coverage has something to do with it. but that is what it is. i think most americans will still be making up their minds after the debates and maybe right up to election day. >> let me turn attention to overseas, i know there are some things that concern you. but let mee first ask you about libya, the deaths of those four americans, including the american ambassador to libya on september 11th. friday we got the administration sort of definitive statement this looks as though it was a preplanned attack by a terrorist group and some o
: nicole thank you. dagen: take a look at this. the u.s. economy growing at a very weak 1.3% in the second quarter, revised down from 1.7%. that is, well, lousy. connell: deputy editor at the "wall street journal"'s editorial page is here to tell us it's always the economy, stupid, at least that was your column? >> that's right. and any presidential election one way or another it is going to be about the economy, no matter how hard the candidates try to deny that. the most amazing one perhaps of all time is indeed the incumbent obama who is running as though the economy during his term didn't happen or at least if it happened, it was the fault of somebody who was president four years before him and what he wants to talk about is the economy he's going to create starting in january 13 which will consist of people having green jobs, making windmills and solar panels. i think the american voters are probably getting a little bit frustrated that no one will talk about the economy as it exists right now, dropping to 1.3% in the second quarter. the united states economy is barely, barely moving.
to stimulate the economy. again, i put stimulate in quotes because who knows if it is momentary for china. >> we have this bump of china of 2.5%, you can't underestimate the short-term tailwind, whatever they have for the economic expansion, especially on commodities prices. that is part of the reason why we have a significant progress. david: were you aware of all this? that is basically what it is. were you worry about it? >> i am very suspicious and wary. however, i don't think that the close is clear. a little bit underweight equities, as you well know, a lot longer for state solvents. david: keep the sound there. i want to hear there is any interaction. tim is joining us right now. when we think about these honeypots in the market? >> i agree with him. the market is clearly ignoring the negative news that we are seeing in the u.s. and the fact that we are in a recession and maybe longer in europe. it is not deterring people from buying stocks right now. you could certainly call it a bubble in general. i think equities was probably overheated here. given the weak industrial numbers, g
. on the issue that's supposed to be republican mitt romney's strength, the economy, he's trailing the president with a "new york times" news poll showing on the question of who can better handle it, ohio voters give the president an edge of 51% to 45%. >> i woke up every day doing everything i can to give american workers a fair shot in the global economy. >> there's danger signs. they declared ceos see slower economic growth the rest of the year with lower expectations for sales, capital expenditures, and hiring. the chairman of the round table, boeing chairman, said in a statement, quote, "the down shift in quarterly sentiment reflects continuing concern about the strength of the recovery including uncertainty over the approaching fiscal cliff." the sour report is more significant because he chairs the president's export council. >> i know that all of us, business or government, share the goal of strengthening our economy and creating more jobs. >> another vulnerability for the president could be the deficit promising to cut it in half by the end of the first term, but it's topped $1 trillion
in obama's handling of the economy and romney. we have two jobs report left before the election. do you think -- well, what do you think the impact will be? >> i don't think there will be all that significant because if it was going to be significant in the jobs report obama would be toast. he has had 43 months in his term so far where the jobless rate is above 8%. now, and all of the time between 1948 and 2009 when obama took office in cumulative months and which the unemployment rate was above. some 39 months and 43 months in just three and a half years of his presidency. those are the staggering your numbers. yet people still say, well, he's trying really i've. lori: he wants to try to cut tax of year and a higher percentage. 75 percent individual income rate. >> it is absurd. there is no economic basis for that other than we don't think people ought to earn that much money, so we're going to take away. that is socialism at its very essence. and so you elected socialist president. voila. you're going to have socialist policy, and that is what you have. he comes out with a 75% tax rat
president obama. but mitt isn't having it, trying to get ohio voters to the right by focusing on the economy. >> with incomes going down, every year, every year going down, down, down. prices of electricity up and health insurance up and the cost of gasoline, having doubled, these are tough times. even for families with jobs. i know what it takes to get this economy going again. cheryl: so what would a tax plan under a romney/ryan administration look like? rich edson breaks it down for us. rich? >> reporter: well, cheryl, democrats call it a giveaway to the rich at the expense of the middle class. republicans say they're wrong, and this morning governor romney defended his tax plan. >> by the way, don't be expecting a huge cut in taxes because i'm also going to lower deductions and exemptions. by bringing rates down, we'll be able to let small businesses keep more of their money to hire more people. >> in the end the details are really up to congress. romney's proposed cutting every tax rate by 20%. to insure the treasury department takes in about the same amount of money under a new system,
and the sovereign bond market and watch the politicians fail to do what's necessary to get these economies to grow. you have to stabilize the patient before you try and fission their long-term problems. the politicians don't do this. that means europe stays in a recession. for u.s. investors, i think it is still something of a side show. >> something of a side show. until they either come up with the austerity or -- something's got to give, right? >> because it doesn't disrupt the u.s. economy. the u.s. economy is still growing. our exports to europe are only a very small part of our gdp. the housing market recovery is much more important to the improvement of wealth. we're seeing some improvement of confidence. we're seeing rising home prices. all these are more important to the united states than what's going on in europe. >> mark, how do you see it? you invested in europe these days or no? >> a little bit, maria. you know, i guess the thing i would say about europe and soon to watch on our shores is you're going to pay more and get less. i look forward to the dislocation between price and value
and the economy growing 1.3%, 20 million unemployed i hear it is the economy stupid. the people are not responding to a horrible economy, a terrible pe situation and no plan to go forward. >> not attack ads notvery day i criticism they want to know not the specifics. >> we no hope and change was the fancy slogan. but that turned out not to be the case. they just beat up a president how much can you like a man who was not delivering?vering? at the end of the day he is a failed leader. ba i will cut taxes but i toepeo don't know how much. i will repeal but i have to wait.is presi oba but mathat is the mitt romney slogan.romney instead of saying here is my plan, i have been running six years. lou: if that is true the voters want specificity. why would they not what performance and the plan? >> but we don't have confidence in obama but less paular of governor romney. >> basically this president who ha has blamed his policy on hi failures now has a wonderful advantage to run against an an opponent he can blame is that correct? >> the thing that amazes meng ta i look at the polls. the country wants cha
are so down in this economy, our question is, how is it swing state voters feel up about things, and make sense of the president when folks who hire imare not. to -- hire them are not. noel, that is a big, big political disconnect. >> you know, i actually that is true, because i have to tell you, the cfo is the heart beat for corporate america. they are seeing you know the financial side of things, and they are negative, and depressed about it, that is something you should take notice. i just did a private round table for senator wicker out of mississippi. we had about 10 businessmen around for this fund-raiser, one of guys was a cfo of a very large company, and very well respected, senator wicker asked him, what do you think about the future? what is your feeling? he actually said, well, i'm loading up on gold bullion, i'm go to buy a farm in arkansas, i thought that should tell you a little bit about something. neil: they are not all that way, maybe, but, market last couple of days notwithstanding has narrowly, taken all this in stride. i am wondering whether you think to its own peril,
if the economy is growing 3% or above, the presidents would have major headwinds. he will be facing trouble for it. lou: recent polls show incredibly that the romney campaign has been unable to capitalize on the president's economic policy failure. >> we will take all of that back up again. also, israel's prime minister benjamin netanyahu, calling on the united states and united nations to draw a clear red line on iran's nuclear program and former ambassador john bolton. also, shelby steele on how group and identity politics is shaping this presidential election. turning back to the president's so-called new economic patriotism, the polls and what we can expect over the final 40 days now until election day. clinton adviser, fox news political analyst, doug schoen. also, ed rollins, former reagan political director, it's good to have you with us weather thank you very much for having me. lou: let me start with this new theme. we can all agree that the president has a thing called forward i want to understand, if you will, the motto or mitt romney. this is a man ready to sell himself. you don
the stagnation we've had. i mean, the economy is limping along nationally. we got 23 million people struggling to find work. 15% of americans today are living in poverty. president obama came in with one party rule, and was able to pass nearly every item on his agenda. what we ♪ you do ♪ something to me ♪ that nobody else could do i knew it'd be tough on our retirement savings, especially in this economy. but with three kids, being home more really helped. man: so we went to fidelity. we talked about where we were and what we could do. we changed our plan and did something about our economy. now we know where to go for help if things change again. call or come in today to take control of your personal economy. get free one-on-one help from america's retirement leader. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we'
of the economy, and if that stops jobs are going to stop, too and so is everything else. >> larry, i think those are very good points. i would argue most of the weakness we are seeing in the manufacturing side is a function of much weaker export s because of weakness in europe and asia. i think what we are seeing in the latest chicago data is a catchup with all the other weakness we had seen in earlier surveys. i think the economy is weak. it's not strong by any means but the labor market looks like it is growing. i don't think it will rollover from modest job growth. claims are ploe low and tax receipts are improving. >> 1 30i7b 3% depend we got earlier this weak. a lot of people would call ate growth recession. i want to ask is this stall-speed or an actual recession? >> i think we have slowed since the 1.3% second quarter number larry. we are seeing durable goods orders down in july and august. we are seeing the pmi is down. importantly, europe is moving in to a recession. germany is now in recession and china is not doing its stimulus. you have a coordinated global slow down starts now and i
now, we see an economy which is expanding. we see employment which is one of the key indicators of recession, still growing. so we expect the economy to continue to grow. that's our best forecast as of now. so we're not expecting a recession. that being said, with an economy growing only sort of 1.5% to 2%, that is not fast enough to lower the unemployment rate. that is my concern. >> all right. we have reaction now to that. and today's big gains in our "closing bell" exchange, plus we're talking strategies for the coming quarter. a quarter that has historically been good for the bulls. with us today, todd of black bay grou group. paul shots of heritage market. and our own rick santelli. paul, i'm going to start with you because you make a bold statement. you feel right now ben bernanke is irrelevant. what do you mean in. >> bill, i think the fed's done the most part, they've laid all their cards on the table. if you're playing poker, they're all in. it's qe unlimited. if $40 billion is not enough, they'll go to $50 billion, $60 billion, $100 billion. each qe has had less of an
overall economy, we've seen some positives in recent days. the ism services surprised on the up side today, 15 million car sales yesterday and of course stocks have been rising since a year ago today. the s&p is up 32%. so things can't be all that bad. how will the investor class vote in 34 days? but first up, both mitt romney and president obama are in their respective hotel rooms now. they're making final preparations for the big debate and cnbc's own john harwood joins us live with the details. good evening, john. >> good evening, larry. two hours from that debate we've gotten a reminder in the last 24 hours with a slew of polls of how high the stakes are in this debate. we forget sometimes because we talk about how mitt romney is down in the race but he's still got a chance. only down 3 points nationally in the journal/nbc poll. in key swing points he's pulling even in florida, down 1, closer in virginia, down 2, he's still down by 8 percentage points in our poll in the state of ohio, which is a problem for this reason. look at the map of swing states. if you look at the ones where mit
of those people work and have children. >> president obama and the economy. how is he managed to avoid public retribution for not fixing the economy? >> it's not a normal thing. >> the extraordinary work of a clinton initiative. >> keep pushing the rocks up the hill. >> big ideas from the big names. dee pock chopra, things get lively at the global initiative. you want to make farming sexy, don't you? this is "piers morgan tonight." >>> mr. president, thank you very much for sparing the time to talk to me. you are in the eighth year now, of the clinton global initiative. i would imagine all the world leaders you managed to amass here, there are a few topics of concentrated attention. probably right at the top of the list would be this simmering tension between israel and iran. now, i interviewed president ahmadinejad last night and he was adamant that he has no plan to build a nuclear weapon, that he has purely peaceful intention. clearly, most people here don't believe him. what is the smart thing for america to do right now, given the ratcheting up of the rhetoric on both sides? >> i
three subjects will be the economy, the economy, the economy. then the fourth subject will be health care. medicare, financing, an health care financing. to what your panelists were just talking about, this topic will i ink this goes if you want the think about how to simplify the debate, one of my other bosses said, how much government really wants to match the much are we really willing to pay for? that is pretty simple. neil: that is what every election, if you think about it comes down to parry the middle of a crisis, but to that point, you say that 15 minutes, address these insurance. there are still ime done answers to each question. can they go at each other, you know, unencumbered by a moderator or dominion know, something that it's in the way of them getting at each other? >> absolutely. the only ground rule is there will be a question posed at the beginning of each segment to each candidate and then they get about two minutes to go lay out what they have to say on an issue like the deficit, infrastructure, the economy. and then they really are going to be asked by the moder
further than that. a lot of people think it is a economic indicator. if financials do well the economy could follow. certainly hope so. >> "money" with melissa francis now melissa: i'm melissa francis and here's what's money tonight. is the u.s. actually in recession but we don't even know it yet? recent numbers have been terrible. many say the economy has stalled. we're going to break it down. >>> plus oil companies throw money at mitt romney like there is no tomorrow. but a new study shows their business is actually better with a democrat in the white house. we have the surprising details. >>> two of america's greatest pastimes together. football and victoria secret models. why the nfl blitz by the underwear company might be pure business brilliance. even when they say it's not it is always about money melissa: first let's take a look at the day's market headlines a surprise surge in u.s. manufacturing gave stocks a triple digit boost. that was early on though and it trade faded. the dow closed up 77 points. one possible reason, ben bernanke. the fed chairman defended his money print
's driving voters. >> i think the economy is better today than it was three years ago. >> pelley: reports from our campaign 2012 team. after one of the worst calls in football history, there is movement today on getting real officials back on the field. jeff glor is covering. and michelle miller on a bittersweet homecoming for the indiana national guard, happy to be back from afghanistan, but mourning the men that they lost. >> i would gladly give my life to bring all four of them back. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. 41 days before the election, president obama is opening leads in states that mitt romney can least afford to lose. have a look at our new poll today. the president now has a 10-point lead in the swing state of ohio, 53% to 43. in florida, another key swing state, mr. obama's lead is nine points, 53% to 44. and the president leads by 12 point in pennsylvania, 54 to 42. this quinnipiac university/cbs news/"new york times" polls has a margin of roar of three points so the leads are significant. our cbs news
, a shortage of water is keeping not just crops but the entire economy gov growing. ice government cuts its economic growth estimates. erthony mason looks at the drought and other threats to jobs. israel's prime minister shows how close he believes iran is to a nuclear bomb. how close is it? david martin looks into that. mark phillips on a controversy ealthe art world. she has that mystic smile, but ?s this a real mopa lisa? who says crime doesn't pay? jim axelrod on an auction of memorabilia from america's most notorious criminals. >> reporter: this was in clyde's waistband? captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. it turns out the economy is growing even more slowly than we thought. the government told us that u.s. growth in the second quarter was an anemic 1.7%, but today, the commerce department put out a new estimate showing us it was even less than that, just 1.3%. and this is what caught our attention in the report-- the government said half of the downward revision can be blamed on the drought. it's destroying crops, incl
for lou dobbs. an election that was supposed to be all about the struggling economy, right? now leading to questions over the president's handling of foreign policy and the administrations truthfulness to the american people. to reporreport the united states diplomats in libya asked the obama administration repeatedly for additional security right up until the september 11, 2012 attacks. house oversight committee chairman darrell ice looking to secretary of state hillary clinton for answers. telling congressmen issa the extra resources are being denied despite firebombings and online death threats. vice presidential nominee paul ryan seizing onnthe commission to launch attacks at the democratic ticket. >> feature if you turn on the ty you can see that the obama foreign-policy is unraveling before our eyes. it's not just an isolated incident where we lost four americans in libya. that's tragic. but it is part of a bigger story of the unraveling of this agenda all over the world. we have distanced our ally, israel, we are not advancing our interests in the middle east, and the president i
to face president obama. he says the economy is getting worse and present obama will face mitt romney whether he has written off 47% of america. we go to washington with more. >> good afternoon, there is a lot at stake for both these candidates and they know it. one side is trying to be more aggressive than the other is trying to keep his cool. they will have 6-50 minute blocks of questions about domestic issues. republicans say the bar is high for the president, a skilled debater and think that mitt romney's aggressive style may throw the president off. >> he has the facts and he is tenacious and that is the difference between four years ago and this time. >> the democrats say he has to be specific. >> americans are looking for details and i think he will seek president obama continue to do that. >> president obama is three points ahead with likely voters with mitt romney gaining ground. >> those voters are likely to be hispanic and ages 29 or so. as a consequence of this being slightly older and less hispanic, it moves to the direction of mitt romney. >> mitt romney is closing the g
obama will be there, too. remember, please the economy is at stall speed. unemployment 8%, and foreign policy in the middle east unravelling, little mention in the mainstream media. listen from the obama campaign team in advance of debate campaign spokeswoman, quote, what the american people are looking for is not just a professorial list of facts or accomplishments or even goals. obama has a tendency to give long substantive answers. simply, she is saying the president too smart for the average american. here is the washington examiner's reaction to that quote. worry about obama being too professor professorial to couch-sitting beer drinkers. the polls have him ahead and bill o'reilly is here to talk about the debate and how the media will spin it. all the names at the top of the hour. bill o'reilly. and talking to college student at university of michigan as part of the job creations solutions tour, and responded to the heckler. listen to this. >> this is the-- [crowd boos] . >> usa, usa. >> and that economy 25% of the world gdp. stuart: you want to hear more of his defense of americ
the issues, to talk about how we continue to build this economy and strengthen it going forward over the course of the next four years. >> and in terms of the defense that he has to play, the romney team are attacking him for not creating a budget, in three years, of course the argument the counter argument would be the republicans for three out of the four years were in charge and -- at least one house, and were blocking him in the senate. but they will come at him on the economy. what is the response going to be? >> well look, i think the president -- the response obviously is two fold. let's talk about where we've come from, losing 800,000 jobs a month to 30 plus months of positive private sector job growth, added 5 million jobs, you know, since we hit the bottom and -- but i think what's most important and voters want to hear is what you going to do as president going forward and i think the president will be anxious to talk about bringing manufacturing jobs back from overseas and putting americans back to work, improving our educational system, recruiting and training math and s
happening in the economy, disease -- does it not? >> i agree. look, there are major headwinds out there. it's hard to be positive about anything. europe's slowing down can, we're printing money like crazy, and when you're dealing with a world where the growth is coming from reducing friction as opposed to sort of increasing thrust, there's just not a lot of foundation there. there's nothing solid that investors or anyone can really stand on to be positive, in my opinion. david: and, stephen, i didn't like what ben bernanke and his buddies at the fed did, but the fact that they did that indicates that what they were seeing -- they have access to all kinds of data we don't have access to -- what they saw was something bordering on recession, otherwise they would not have gone all in as they did with qe3. >> yeah. you know, make no mistake, from the longer-term perspective, i agree. the negative impact of this easy money, you know, will catch up with us, but i think it's still several years down the road and probably comes most likely in the form of inflation. but right now particularly the eq
18,000 jobs in the sector. that is where the economy is being structured these days. 10,000 jobs in construction. manufacturing, 4000 jobs. melissa: we were looking at 113, does that make that same life? i just want to remind everyone that is not a good number. >> finding the list that the government number includes state and local layoffs. i don't think that adp number includes that. when you look at those two numbers since january, you will see a defeat for 172,000 jobs a month where it is about 150,000. it has to be above 200,000 to keep up with population growth. again, 8.2% we are looking at coming in for friday. lori: full employment around 4%? nobody talks about that anymore. >> we just talk about the jobless rate. lori: the temperature is going down, find your heating costs going way up? the impact the winter will have on the economy. melissa: take a look at metals had with those who break. gold trading up. copper, basically what. we will be right back. ♪ you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier
. this is for that reason. their economy will suffer a double little bit. they need crude-oil. people driving cars over there show the market coming of the way it did. those cracks blew out today. refinery fire in canada turned out to the storage tank. if you look at the cracks between the prices of crude oil versus gasoline that made a tremendous move today and there are other factors. may be a blip in that market but those cracks have been strong going forward so you will see strength in the product versus crude even if the crude comes -- will move out. cheryl: one other issue. talking about the election and november around the corner. do you find people sort of have true conversations about investment decisions at the end of the year? >> absolutely and people will be more concerned about that in october. the first of three presidential debates was the vice-presidential debate. people are disgusted with the lack of movement in washington concerning the fiscal cliff so part of the problem, the apathy in the market is people don't know where to go. very unclear and the light at the end of the tunnel is
to have government serve the people? at a tactical level the economy is no good. on of macro level but at the micro level gasoline is $2 a gallon higher than three years ago. it takes $2,000 out of every household budget would wages are not going up or are stagnant in one town geneva illinois disposable income is down $6,000. how can a family support that? neil: you passionate the present numbers in a way people understand i do like mitt romney personally anybody who gets the nba and law degrees simultaneously is beyond me. he is not presenting that argument may be the media does not allow him to do so by what is the half to do to keep it simple? >> ronald reagan brought it down to the individual it is my microphone, our town, home, village, police department. the regulations when you create a system that should solve problems but don't people will take shortcuts bordering is as high as it has ever been. mitt romney better get off a high horse to come down to mainstream. people are terrified right now the president is leading a lot of the polls but i look at the trend if you argue
of the economy. what we've seen are incomes falling and people have less income due to paying taxes on and getting more he deduction and less tax income liability. ahead of that, too, though, we've seen a lot more complexity introduced into the tax code, we've got deductions, if you fill out your own 1040 how difficult it is if you're not taking the standard deduction, what your tax liability is. this is something coming down the pipe with a romney administration or more republicans in the house and senate we should be be considering when he we're talking about tax reform. stuart: okay, but it is accurate to say that in the obama years, a larger proportion of people are not paying any federal income tax and that the spike occurred in the obama years in part because of obama politics, is that accurate? >> well, the spike has occurred, really, over the past 20 years and i've seen incomes falling and heard the stat over and over again, how we've got personal wealth falling under obama policies and the other thing you need to remember, too, is that under the obama administration, it's n
they will turn it into something political. it will really be hard, when you think about the economy we are in right now, how can you tell individuals we will raise the price of work did right now we need more work. it would be a bad time to do that. both sides will ultimately agree on that. dagen: we are looking at this calendar with 20 days left at work just for the representatives to deal with this. why isn't the uncertainty, why isn't there any other business that would impact the economy. >> it is entirely possible. you would almost think if the economy or the marcos thought they would let us reach the cliff go over it, you would see a lot of forward activity. the fact you are not seeing it suggests that markets think we get to the final days they will actually come to a deal. a little over a year ago it was that we were days from government default, but, ultimately, they came to a deal. dagen: john, good to see you. as always, thank you. connell: breaking news now. it is on the libor investigation. this is from the exclusive reporting from our own charlie gasparino. chuck grassley
any issue, including the economy where he's at a six-point deficit to the president. six points on the economy? oh, my ohio. mitt romney knows that's trouble. and in a brand new ad one reason is clear, as romney plays face the camera doing his best damage control over that 47% video. >> president obama and i both care about poor and middle class families. the difference is my policies will make things better for them. >> and, cut. very good. that was marginally convincing. maybe a little more -- tell you what here's an example of a politician speaking this afternoon in bowling green with genuine authenticity and commitment. >> my opponent may think it's fair that someone who makes $20 million a year like he does pays a lower rate than a teacher, i disagree. i don't think that's fair. i don't think it helps grow our economy. i refuse to ask middle class families to give up their deductions for owning a home or looking after their kids just to pay for another millionaire's tax cuts. we're not going to do that. >> dear me. did we mention ohio voting starts in
of the economies, and i think because of that mitt romney's gin more chances than he otherwise would to make his case to the american people. i think this very first debate next week may be his last best chance to make his case. >> do you think if the debate's a flop for mitt romney that all of a sudden some super-pacs and big dollar donors, some of the establishment, do they begin to abandon him next thursday? >> i think it will certainly heighten and go to defcon five. what's the next color is on the homeland security chart, i lose track of them, we'll probably go to. i think what mitt needs to do, craig -- >> fuchsia. >> -- is really be himself. stop trying to be a conservative. he's not. we're not talking about a guy with deep ideological convictions. his real moral convictions are in his family where he has a picturesque american model there. beyond that, he's known for making money for himself and other people and creating jobs for those who don't have wealth. that's who he needs to be. >> it sounds like steve is saying let mitt be mitt. is it too late for that? >> well, it's not as though
private enterprise to grow the economy. the other, his version of president obama's view is that government is still in control of everything. the challenge for governor romney and the debate on wednesday is going to be fully articulate his vision for america's future to the largest audience of his political career. >> we need to give the american people the choice we are offering. that is what we are offering. we owe the country a very clear choice of a different future. we can have a dynamic growing economy that produces opportunity or we can have a stagnant opportunity that fosters dependency. >> romney campaign is looking for a solid performance, no knock outs which the governor has become famous for. he has been avoiding those since he tried to make the with governor perry. >> what is the word on the foreign policy message for romney? >> the governor has an op-ed in the "wall street journal" saying of president obama, by failing to maintain our new, president obama has heightened the instability. he does not understand that an american policy that lacks resolve can p
has obama leading romney 49-46. the economy is issue number one and whose plans are better for the middle class. to answer that we are holding our own debate right here on the kudlow report. we are joined by new jersey democratic congressman and jim gillmore to make the case for governor romney. there will be time to talk among your selves at my disgression. the first question is going to congressman big paskrel. 1.3% gdp 25 million people out of the workforce. mr. president, what is your solution to the prosperity and the recovery that continues to elude us? >> over the past 30 months we have had an increase in private sector jobs. but that is the direction we are going in. if you remember what happened before that, when the president raised his hand in january of 2009, we were losing 700 no,000 jobs a month. but the fact of the matter is we are going in the right direction now and we should keep doing that. the president supports the position on the creation of jobs and the government can't do everything but it has a responsibility. we have lost public sector jobs and we
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